Despite the drawdown in the price of Bitcoin (BTC) — which some analysts say would result in a change of tides for altcoins — BTC dominance continues to tick higher. As of the time of writing this, the key market metric is approaching 70% for the first time in years, implying that once again, almost all cryptocurrency inflows are making their way into the leading digital asset.
While this metric has seen stellar growth in the past six months, there are many analysts currently expecting for Bitcoin’s grip on the entire cryptocurrency market to continue, despite the technical developments made with these projects.
Bitcoin Dominance to Continue to Mount Higher
On Sunday, prominent Bitcoiners from around the world convened in downtown Los Angeles to talk about the cryptocurrency in an event hosted by Russell Okung of the LA Chargers. Okung, the latest prominent all-star athlete to have pledged his allegiance to the cryptocurrency cause, was looking to spread the good word of Bitcoin.